Tucson, Arizona – CBRE recently arranged the sale of a 25,350-square-foot office building located at 222 East Fifth Street in Tucson, Ariz. to 222 Tucson LP for $8.95 million ($353 PSF).
CBRE’s Bryce Horner represented the seller, 222 Building LLC of Tucson (Michael Wattis, manager) in the transaction.
The property was originally constructed in 1952 and was redeveloped in 2014 into a three-story, Class A office building. It currently serves as the corporate headquarters for Mister Car Wash (NYSE: MCW), the nation’s largest carwash company, which went public in June. The asset features an outdoor barbecue and patio area, workout room and community kitchen and is located one mile east of Interstate 10 and half of a mile north of downtown Tucson.
“CBRE had the privilege of representing the seller in this transaction, a local Tucson development group,” said CBRE’s Horner. “The property is a trophy asset to its new owner and one of the few true creative office spaces in the fast-growing downtown Tucson area. Leased on a long-term basis to Mister Car Wash, this investment will provide stable income for many years to come.”
Located seven blocks from the University of Arizona, three blocks from downtown Tucson and two blocks from the 4th Avenue light rail system which connects the University with downtown, Project architect, Rob Paulus, has preserved much of the building character, formerly the Downtown First Baptist Church, by keeping the old brick facade and architectural features. The building was partially demolished and gutted for a condominium project since 2008, prior to the redevelopment for Mister Car Wash. The property lies within the Downtown Area Infill Incentive District, a compelling location for the tenant looking to attract top, young talent.
The GPLET assignment transferred in the transaction.
To learn more, see RED Comp #9001.